Utes coming out of nowhere moving up 5 spots to the number 3 slot, however, based upon the chart patterns we do not believe this is sustainable at the moment. Energy dropping fast because of the weakness we saw in crude oil.

Market: XLF (Financial ETF)

Reason for observation: Lagging price action

Short-term bias: Neutral

Long-term bias: Bullish

Financials just cant seem to get any upside momentum brewing. Looking very vulnerable for short-term weakness and under-performance. Do not buy weakness in fins.

Market: XLP (Consumer Staples ETF)

Reason for observation: Daily bear flag setup

Short-term bias: Bearish

Long-term bias: Bearish

Another sector severely under-performing. Weakness in staples looks probable to continue.

Top 3 sectors right now. Utes still have a lot of catching up to do.

Risk-on still apparent by this chart of the spread between consumer discretionary and consumer staples.